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Hanoinews
Jul 07, 2019 / 20:08

Hanoi undertakes investment procedures for urban railway project worth US$1.74 billion

Anh Kiet

Taking into consideration the total sum of investment, the project is categorized as of national importance.

The Hanoi People’s Committee has included Line 3 of the city’s urban railway network in the portfolio of projects to be funded by official development assistance (ODA) and preferential loans from foreign donors.
 
Illustrative photo
Illustrative photo
The project will build the railway section from the Hanoi Railway Station to Hoang Mai district from 2021 to 2025 with total investment of over VND40,576 billion (US$1.74 billion). Of the sum, about VND34,296 billion (US$1.47 billion) is slated to be sourced from ODA loans while the remainder (about US$270.04 million) will come from the local budget. 

Taking into consideration the total sum of investment, the project is categorized as of national importance. Thus, the Vietnamese government will assess the project and submit it to the National Assembly for approval. 

Regarding the fund of about US$270.04 million, Hanoi expects budget revenue in the period of 2021-2025 to reach an average of VND353-358 trillion (US$15.179 - 15.394 billion) per year, enabling the city to provide reciprocal capital needed for the project.

The Asian Development Bank (ADB) has committed to providing US$450 million for the project. 

Meanwhile, the German Development Bank (KfW), the French Development Agency (AFD), the French Government and the World Bank are also interested in granting ODA loans to the project.

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